Emery’s current contract was set to expire at the end of the season.
The 38-year-old guided Valencia to a third-place finish in La Liga this season.
Valencia will hold a press conference on Thursday night where they will announce the new deal.
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.